Authorities Initiate New Moves
To Probe Trading in California

By

Mitchel Benson and

Robert Gavin Staff Reporters of The Wall Street Journal

Updated June 24, 2002 12:01 a.m. ET

Continuing revelations that traders may have aggressively manipulated California's deregulated power market are prompting new moves by federal and state authorities to investigate and constrain traders' behavior.

The Commodity Futures Trading Commission, which was noticeably absent as a regulator during California's power-market meltdown two years ago, issued subpoenas to at least three energy companies last week seeking records of...